News

The lifetime of Guyana’s first Stabroek Block development - Liza Phase 1 is set to be extended to accommodate the Gas-to-Energy (GTE) project, Vice President, Dr. Bharrat Jagdeo said.  The Liza permit is currently under review.  The GTE is set to...

Argos, bp’s fifth platform in the deepwater Gulf of Mexico (GoM) achieved startup, the company announced Thursday, to deliver more energy and strengthen its position as a leading producer there. It is the first new bp-operated production facility in the...

Guyana's Vice President Dr. Bharrat Jagdeo said the review of Exxon’s proposed Uaru project has been “practically” completed, and that final approval is expected in a maximum of 2-3 weeks.  Presently, the Ministry of Natural Resources is conducting its final...

Guyana extended its bid round beyond the original May deadline, because government needed more time to consult on a revision of its oil laws.  Vice President Dr. Bharrat Jagdeo revealed this Thursday during a media conference, a day after the...

A two-week period of consultation was recently concluded on the indicative terms and guidelines of Guyana’s first ever offshore licensing round, and the draft model petroleum agreements. The government plans to release the updated models this month.  The deadline for...

Guyana’s value to ExxonMobil will be felt for decades to come, according to an Analyst at Seeking Alpha, a crowd-sourced content service provider that publishes news on financial markets.  In his latest piece on April 12, the analyst examined Exxon’s...

Aiming to boost Brazil’s natural gas supply, the state-owned Petrobras issued tenders for two production platforms for its Sergipe Deepwater Project (SEAP), in the Sergipe-Alagoas Basin, about 100 km off the country’s coast.  Besides expanding Brazil’s availability of natural gas,...

Guyana’s ongoing offshore licensing round offers 14 blocks - 11 in the shallow water, and three in the deep. The draft model contracts will govern new licenses to be issued to winning bidders, and existing deals outside of the...

The rapid development of oil and gas resources is not only high on Guyana’s agenda but that of some of the world’s most powerful nations. In fact, Guyana ranks sixth on a list of 30 big oil-producing countries pursuing new...

Guyana’s growth forecast from the International Monetary Fund (IMF) has been given a considerable boost. While the institution’s 2022 Article IV report had estimated Guyana’s real gross domestic product (GDP) would grow 25.2% in 2023, this has been revised...